U.S. SEC charges Eagle Bancorp for not disclosing loans to ex-CEO’s family trusts
2022.08.17 00:10
FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly
(Reuters) – The U.S. Securities and Exchange Commission said on Tuesday that it charged Eagle Bancorp (NASDAQ:EGBN) Inc and its former Chief Executive Officer Ronald Paul with failing to disclose related party loans extended by the bank to Paul’s family trusts.
The bank and the former CEO have agreed to settle the charges, the SEC said in a statement.
Eagle, without admitting or denying the SEC’s findings, agreed to pay a civil penalty of $10 million, disgorgement of $2.6 million, and interest. Paul agreed to pay a penalty of $300,000, disgorgement of $109,000, plus interest.
